R Systems International Limited (RSYSTEMS)
₹261.50 +1.34% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, R Systems' revenue was ₹602 Cr (+30.2% year on year, +4.7% on the previous quarter), and net profit ₹55.6 Cr (-26.7% year on year); the operating margin was 18.4%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹602 | +30.2% | +4.7% |
| Operating profit | ₹111 | +57.6% | +10.0% |
| Net profit | ₹55.6 | -26.7% | -15.0% |
| EPS (₹) | 4.69 | -26.8% | -15.0% |
| Operating margin | 18.4% | — | — |
RSYSTEMS delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 25.69% of the RSYSTEMS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 35.12%. That is close to its usual level. Volume was under a tenth of its average. It closed at a price band (circuit) on 1 session in about the last 20. 66 bulk or block deals were reported in RSYSTEMS in the last 60 days: ₹1,251 Cr bought and ₹1,231 Cr sold.
Delivery in the last 5 sessions: 16.6% · 7.4% · 25.1% · 28.5% · 25.7%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 9 Oct | Buy | Hrti Private Limited | ₹35.75 Cr | ₹273.21 | 1,308,482 | Bulk |
| 9 Oct | Buy | Junomoneta Finsol Private Limited | ₹33.87 Cr | ₹273.62 | 1,237,714 | Bulk |
| 9 Oct | Sell | Hrti Private Limited | ₹33.18 Cr | ₹272.96 | 1,215,518 | Bulk |
| 9 Oct | Sell | Junomoneta Finsol Private Limited | ₹32.98 Cr | ₹273.71 | 1,204,857 | Bulk |
| 9 Oct | Sell | Microcurves Trading Private Limited | ₹31.35 Cr | ₹273.73 | 1,145,408 | Bulk |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Credit rating agency ICRA Limited has reaffirmed R Systems International Limited's issuer rating at [ICRA]AA- with a Stable outlook on October 08, 2026. The reaffirmation indicates a high degree of safety regarding timely servicing of financial obligations and very low credit risk. Supported by healthy TTM revenues of Rs 2,230 Cr and a modest debt-to-equity ratio of 0.56 (total debt of Rs 384 Cr vs net worth of Rs 690 Cr), the rating reflects steady financial risk profile and operational stability.
- Rating reaffirmed by ICRA Limited as [ICRA]AA- (Stable) on October 08, 2026
- Instrument rated is Issuer rating
- Maintains credit safety profile against total debt of Rs 384 Cr
R Systems International has released a shareholder communication detailing Tax Deducted at Source (TDS) guidelines on its previously declared second interim dividend of Rs 8 per equity share (face value Re 1). The record date to determine eligible shareholders is October 1, 2026, with the payment scheduled on or before October 24, 2026. Standard TDS is applicable at 10% for resident shareholders (above the Rs 10,000 threshold) and 20% plus cess/surcharge (or treaty rates) for non-residents, provided requisite tax declarations are submitted by October 1, 2026.
- Second interim dividend declared at Rs 8 per equity share of face value Re 1
- Record date set for Thursday, October 01, 2026
- Dividend payment scheduled on or before October 24, 2026
- Resident TDS rate is 10% (threshold exemption up to Rs 10,000); 20% applies for invalid or inoperative PAN
- Deadline for tax exemption documents submission is October 01, 2026
R Systems International declared a Second Interim Dividend for 2026 of ₹8 per equity share of face value Re. 1 (800%). The Record Date has been fixed as October 01, 2026, with the payout scheduled on or before October 24, 2026. Relative to the current share price of ₹235.6, this single interim dividend represents an immediate yield of approximately 3.4%. Concurrently, the company appointed Mr. Gurprit Singh as Company Secretary and Compliance Officer effective September 25, 2026.
- Second Interim Dividend declared at ₹8 per equity share of face value Re. 1 (800%)
- Record date for dividend entitlement fixed as Thursday, October 01, 2026
- Dividend payment date scheduled on or before October 24, 2026
- Appointment of Mr. Gurprit Singh as Company Secretary & Compliance Officer w.e.f. September 25, 2026
- Dividend declared at 0.0001% on Re. 1 face value OCRPS
R Systems International Limited has announced October 01, 2026, as the record date for determining shareholder eligibility for its second interim dividend for the financial year ending December 31, 2026. The dividend was approved by the Board of Directors at its meeting held on September 25, 2026. The exact per-share payout amount was not disclosed in this specific filing. Investors holding shares before the ex-dividend date will be eligible for the corporate action.
- Record date fixed as Thursday, October 01, 2026
- Declared for the second interim dividend of FY ending December 31, 2026
- Board approval completed at the meeting held on September 25, 2026
- Specific dividend amount per share not disclosed in this intimation
R Systems International has declared a second interim dividend of ₹8 per equity share of face value ₹1 each (800%) for the year 2026. The record date to determine shareholder eligibility is fixed as October 1, 2026, with the payout scheduled on or before October 24, 2026. Relative to the current share price of ₹235.6, this interim dividend represents a yield of approximately 3.4%. Additionally, the company appointed Mr. Gurprit Singh as Company Secretary and Compliance Officer effective September 25, 2026.
- Declared Second Interim Dividend of ₹8 per equity share of face value ₹1 (800%)
- Record date set for Thursday, October 1, 2026
- Payment to be completed on or before October 24, 2026
- Appointed Gurprit Singh as Company Secretary and Compliance Officer w.e.f. September 25, 2026
- Declared a dividend of 0.0001% per Re. 1/- face value on Optionally Convertible Redeemable Preference Shares
R Systems International Limited announced the results of its postal ballot concluded on September 10, 2026. Shareholders approved all five proposed resolutions with over 99.7% majority. These included the appointments of Mr. Shailesh Sharad Kekre, Ms. Sangeeta Kapil Jit Singh, and Mr. Srikanth Balachandran as Independent Directors, the appointment of Mr. Pranav Damani as Non-Executive Director, and commission-based remuneration for Non-Executive Independent Directors.
- All five postal ballot resolutions passed with over 99.7% approval of votes polled
- Total voting participation stood at approximately 59.04% of outstanding shares (6,99,62,564 votes polled out of 11,84,92,688 shares)
- Approved appointment of three Independent Directors and one Non-Executive Director
- Approved payment of remuneration by way of commission to Non-Executive Independent Directors with 99.99% votes in favor
R Systems International Limited has announced that Mr. Piyush Jain has resigned from the position of Company Secretary & Compliance Officer (Key Managerial Personnel) to pursue opportunities outside the organization. The resignation was tendered on July 15, 2026, and he is relieved effective the closing hours of August 24, 2026. The company is in the process of appointing a suitable candidate to fill the vacancy.
- Mr. Piyush Jain resigned as Company Secretary & Compliance Officer (KMP)
- Resignation tendered vide letter dated July 15, 2026
- Effective relieving date is closing hours on August 24, 2026
- Company is in the process of identifying a suitable replacement
R Systems International Limited has announced the cessation of Mr. Piyush Jain from the role of Company Secretary & Compliance Officer (Key Managerial Personnel). Mr. Jain tendered his resignation on July 15, 2026, to pursue career opportunities outside the organization and was relieved effective the closing hours of August 24, 2026. The company stated it is in the process of identifying a suitable replacement to fill the vacancy. This represents a routine administrative transition with no financial or operational impact on the company's business.
- Cessation of Mr. Piyush Jain as Company Secretary & Compliance Officer effective August 24, 2026
- Resignation letter tendered on July 15, 2026, citing career opportunities outside the organization
- Successor search is currently underway and appointment will be notified to exchanges
- No disruption to core business or financial operations reported
R Systems International Limited approved the allotment of 3,270 equity shares of face value INR 1 each upon the exercise of 3,270 Restricted Stock Units (RSUs) under its Management Incentive Plan 2023. Following this allotment, the paid-up equity share capital increased slightly to INR 118,495,958 comprising 118,495,958 shares. The equity dilution is negligible at less than 0.003% of the total share base. This is a routine administrative filing with no material financial impact.
- Allotment of 3,270 equity shares of face value INR 1/- each via circular resolution on August 18, 2026
- Issued pursuant to exercise of 3,270 RSUs under Company's Management Incentive Plan 2023
- Paid-up share capital increased to INR 118,495,958 divided into 118,495,958 equity shares
R Systems reported a strong Q2 2026 with revenue reaching Rs 601.7 Cr, a 30.2% YoY increase, driven by volume growth and the Novigo acquisition. Adjusted EBITDA margins expanded significantly to 20.1% from 17.3% YoY, aided by rupee depreciation and improved utilization (80.5-81%). The company secured five key AI-focused deals across telecom, finance, and ad tech sectors, maintaining a trailing 12-month ACV of $82.9 million. While net profit grew 35.4% YoY, it saw a sequential decline due to a one-time currency hedging benefit of Rs 18 Cr realized in Q1.
- Revenue grew 30.2% YoY to Rs 601.7 Cr ($63.6M) for the quarter ended June 30, 2026
- Adjusted EBITDA margin improved by 281 basis points YoY to reach 20.1%
- Trailing 12-month (TTM) ACV bookings stood at $82.9 million as of Q2 2026
- Utilization rates improved to the 80.5% - 81% range, reflecting better asset sweating
- H1 2026 revenue reached Rs 1,176.5 Cr, representing a 30.1% increase over H1 2025
R Systems International Limited has issued a postal ballot notice to formalize the appointment of three Independent Directors and one Non-Executive Director. The Independent Directors, including Mr. Shailesh Kekre and Ms. Sangeeta Singh, are proposed for five-year terms effective from June 29, 2026. The company is also seeking shareholder approval to pay commissions to Non-Executive Independent Directors within statutory limits. The e-voting process concludes on September 10, 2026, with results expected by September 14, 2026.
- Proposed appointment of 3 Independent Directors for a 5-year term ending June 28, 2031
- Remote e-voting period scheduled from August 12, 2026, to September 10, 2026
- Cut-off date for determining voting eligibility was August 7, 2026
- Approval sought for commission-based remuneration for Non-Executive Independent Directors under Section 197
- One Non-Executive Director, Mr. Pranav Damani, is associated with the Blackstone Group
R Systems International Limited has announced its participation in two upcoming institutional investor conferences in Mumbai. The company will attend the Equirus Annual India Conference on August 13, 2026, followed by the Emkay Confluence 2026 on August 14, 2026. These interactions come at a time when the company reports a TTM revenue of ₹2,091 Cr and a healthy ROCE of 32.0%, despite the stock price declining 42.3% over the past year. No unpublished price-sensitive information is expected to be disclosed during these meetings.
- Scheduled participation in Equirus Annual India Conference on August 13, 2026
- Scheduled participation in Emkay Confluence 2026 on August 14, 2026
- Meetings to be conducted in physical mode in Mumbai as One-on-One or Group sessions
- Company maintains a TTM revenue of ₹2,091 Cr with an operating profit margin of 16.1%
- Current market capitalization stands at ₹2,937 Cr with a P/E ratio of 13.8
R Systems International Limited has released the audio recording of its investor and analyst call held on August 5, 2026. The call focused on the financial results for the quarter and six months ended June 30, 2026. This disclosure is a standard regulatory requirement following the announcement of quarterly earnings. Investors can access the recording on the company's website to understand management's commentary on its TTM revenue of ‡2,091 cr and its ongoing 'Buy and Build' strategy.
- Investor call conducted on August 5, 2026, to discuss Q2 CY2026 results
- TTM revenue reported at ‡2,091 cr with a net profit of ‡213 cr
- Promoter holding remains stable at 51.85% as of June 2026
- Operating profit margin (OPM) stands at 16.1% for the trailing twelve months
R Systems reported a strong Q2 2026 with revenue reaching ₹601.7 cr, a 30.2% YoY increase. Adjusted EBITDA grew significantly by 51.4% YoY to ₹120.7 cr, driven by margin expansion to 20.1% from 17.3% in the previous year. The company's TTM ACV bookings reached $82.9 million, indicating a healthy pipeline. However, Q2 Adjusted Net Profit saw a sequential decline of 17.1% to ₹62.9 cr, primarily due to a high base in Q1 which included ₹18.05 cr in hedge accounting gains.
- Revenue for Q2 2026 stood at ₹601.7 cr, representing 30.2% YoY growth and 4.7% QoQ growth.
- Adjusted EBITDA margins expanded by 281 bps YoY to reach 20.1%, a significant improvement from 17.3% in Q2 2025.
- TTM ACV bookings (excluding renewals) increased to $82.9 million, up from $74.0 million in the same period last year.
- Utilization rate remained robust at 82.6% for Q2 2026, compared to 82.5% in the previous quarter.
- The Americas region remains the dominant revenue contributor at 71.5%, up from 69.3% in Q1 2026.
R Systems reported a strong Q2 2026 with revenue reaching ₹601.7 cr, a 30.2% YoY increase. Adjusted EBITDA margins saw a significant expansion to 20.1% from 17.3% in the previous year, driven by improved utilization and AI-led delivery platforms. While reported net profit for the quarter (₹55.6 cr) appears lower than Q2 2025 (₹75.9 cr), the prior year included a one-time gain of ₹43.6 cr from asset sales; on an adjusted basis, net profit grew 35.4% YoY. The company continues to leverage its Blackstone-backed 'Buy and Build' strategy with five key deal wins in the BFSI, AdTech, and Telecom sectors.
- Revenue from operations grew 30.2% YoY to ₹601.7 cr for the quarter ended June 30, 2026.
- Adjusted EBITDA margin improved to 20.1% compared to 17.3% in the same quarter last year.
- H1 2026 Adjusted Net Profit grew 54.4% YoY to ₹138.7 cr, reflecting strong operational leverage.
- Total headcount increased to 5,270 employees, up from 4,561 in June 2025, to support AI-native service demand.
- Cash and bank balances improved to ₹335.1 cr as of June 30, 2026, up from ₹272.6 cr in December 2025.
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew by 3.40% in CY2024 to INR 1,741.72 Cr. For the 9-month period ending September 2025, revenue reached INR 1,403.1 Cr, representing an 8.5% YoY growth. Q3 2025 revenue specifically grew 12.3% YoY to INR 498.6 Cr, driven by the conversion of large deals and momentum in digital engineering services.
Geographic Revenue Split
The company has high geographic concentration with North America contributing approximately 75% of total turnover and Europe contributing 10-15%. Combined, these two regions accounted for 83% of total revenues in CY2024, making the company highly sensitive to Western macroeconomic cycles.
Profitability Margins
Adjusted PAT for Jan-Sep 2025 was INR 133.2 Cr, a 23.3% increase YoY, resulting in an adjusted PAT margin of 9.5% (up 114 bps). Profitability is supported by improved price realization and utilization, though slightly offset by increased SG&A and RSU expenses.
EBITDA Margin
Adjusted EBITDA margin improved to 17.2% for the first nine months of 2025 compared to 16.3% in the previous year, an 86 bps increase. Q3 2025 adjusted EBITDA stood at INR 84.4 Cr (16.9% margin). The improvement is attributed to higher employee utilization levels which rose to 82.6% in Q2 2025.
Capital Expenditure
The company maintains moderate annual maintenance capital expenditure ranging between INR 25 Cr and INR 40 Cr. Recent investments include office expansion in Pune, which increased ROU amortization, and capitalized intangibles of INR 6.3 Cr from the Velotio and Scaleworx acquisitions.
Credit Rating & Borrowing
RSIL maintains a strong credit profile with CRISIL and ICRA ratings reflecting a 'Stable' outlook. Debt protection metrics are robust with an interest coverage ratio of approximately 30 times and negligible total debt of approximately INR 8 Cr as of December 2024.
Operational Drivers
Raw Materials
As an IT services firm, the primary 'raw material' is human capital (skilled software engineers), which accounts for the bulk of operating costs. Other significant costs include RSU-based compensation (INR 7.1 Cr in Q3 2025) and SG&A expenses (INR 92.8 Cr in Q3 2025).
Import Sources
Not applicable as the company provides IT services; however, talent is primarily sourced from India (Pune, Noida) and through international subsidiaries in the US and Europe.
Key Suppliers
Not applicable for IT services; primary vendors include technology platform providers (Cloud/AI) and office infrastructure providers.
Capacity Expansion
Current capacity is measured by headcount and utilization. Utilization improved from 76.8% in Q2 2023 to 82.6% in Q2 2025. Expansion is focused on new office spaces in Pune to support growth in data, AI, and cloud verticals.
Raw Material Costs
Employee-related expenses are the largest cost component. RSU expenses under the management incentive plan increased to INR 7.1 Cr in Q3 2025 from INR 4.9 Cr in the previous quarter, impacting net EBITDA by approximately 1.4%.
Manufacturing Efficiency
Efficiency is driven by utilization rates, which reached 82.6% in Q2 2025. The company targets a steady-state utilization of 80-82% to balance billability with the need for a 'bench' for new projects.
Strategic Growth
Expected Growth Rate
18.60%
Growth Strategy
Growth is driven by a 'Buy and Build' strategy supported by Blackstone. This includes inorganic growth through acquisitions like Novigo (Digital Transformation), Velotio, and Scaleworx to add niche capabilities in AI and Cloud. Organic growth is fueled by a 90% repeat business rate and a focus on larger deal sizes in the US and European markets.
Products & Services
Digital engineering services, AI and Data analytics, Cloud transformation, Product development, and IT consulting services for startups and established enterprises.
Brand Portfolio
R Systems, Novigo, Velotio, Scaleworx.
New Products/Services
Expansion into Data, AI, and Cloud-based product engineering. Recent acquisitions like Novigo are expected to contribute to scale and profitability through cross-selling to the existing 90% repeat customer base.
Market Expansion
Focus on deepening penetration in North America and Europe while leveraging Blackstone's global portfolio to access new enterprise clients.
Market Share & Ranking
RSIL is a mid-tier IT services player with a moderate scale of operations (INR 1,741.7 Cr revenue) compared to large-cap domestic peers.
Strategic Alliances
Strategic backing by Blackstone (majority shareholder) provides financial flexibility and access to reputed global clientele.
External Factors
Industry Trends
The IT sector is shifting toward AI and Cloud-first strategies. RSIL is positioning itself by investing in these technologies to move away from traditional maintenance toward high-value digital engineering, which currently sees faster growth than legacy IT services.
Competitive Landscape
Faces intense competition from both large-cap Indian IT firms (TCS, Infosys) and specialized boutique digital agencies. RSIL competes by offering agility and specialized engineering talent for smaller-to-mid-sized projects.
Competitive Moat
Moat is built on niche product engineering expertise and deep relationships with startups (90% repeat business). Sustainability is enhanced by Blackstone's ownership, providing a 'parentage' advantage for large deal wins.
Macro Economic Sensitivity
Highly sensitive to US and European GDP growth and inflation. Easing inflation in the West is expected to pick up IT spending in CY2025.
Consumer Behavior
Enterprise customers are shifting from discretionary 'experimental' spending to ROI-driven digital transformation, favoring providers with proven AI and Cloud integration capabilities.
Geopolitical Risks
Susceptible to policy changes in the US and Europe, including potential trade barriers or restrictive immigration policies that could impact the offshore-onsite delivery model.
Regulatory & Governance
Industry Regulations
Subject to data privacy laws (GDPR in Europe) and immigration/visa regulations in the US. Compliance is critical as data breaches could lead to significant fines and reputational damage.
Environmental Compliance
Direct exposure to environmental risk is low due to the service-oriented nature of the business.
Taxation Policy Impact
The company reports adjusted net profit before share-based payment expenses. Effective tax rates are subject to standard Indian and international corporate tax laws.
Legal Contingencies
Non-recurring legal expenses of INR 1.6 Cr were recorded in Q3 2025 for the Novigo acquisition. No major pending litigation values in High Court or Supreme Court were disclosed in the provided documents.
Risk Analysis
Key Uncertainties
Macroeconomic headwinds in the US could lead to a 5-8% slowdown in revenue growth. Emerging uncertainties in key markets remain the primary risk to the CY2025 outlook.
Geographic Concentration Risk
83% of revenue is concentrated in the US and Europe, creating a high dependency on the economic health of these two regions.
Third Party Dependencies
Low supplier dependency; however, there is a high dependency on the Blackstone ecosystem for strategic lead generation and financial backing.
Technology Obsolescence Risk
Risk of falling behind in the AI race is mitigated by recent niche acquisitions (Velotio, Scaleworx) and dedicated investments in AI and Cloud talent.
Credit & Counterparty Risk
Receivables quality is stable with a Billed DSO of 58 days. The company maintains a healthy liquid surplus of INR 234 Cr as of March 2025 to buffer against credit delays.
